Oil Industry Leans Toward McCain, But Big Producers Favor Obama

Much has been made of Barack Obama’s TV ad this week that accuses John McCain of being “in the pocket” of the oil industry, and yesterday the Democratic Party launched a website pairing McCain and Exxon Mobil as running-mates. While McCain has raised considerably more money from this unpopular industry, CRP was surprised to notice that it’s actually Obama who has received more from the pockets of employees at several of Big Oil’s biggest and most recognizable companies. Tallying contributions by employees in the industry and their families, we found that Exxon, Chevron and BP have all contributed more money to Obama than to McCain.

Through June, Exxon employees have given Obama $42,100 to McCain’s $35,166. Chevron favors Obama $35,157 to $28,500, and Obama edges out McCain with BP $16,046 vs. $11,500. McCain leads the money race with nearly every other top giver in the oil and gas industry, though — Koch Industries, Valero, Marathon Oil, Occidental Petroleum, ConocoPhillips, the list goes on. (You can see detail on all these companies in the spreadsheet linked below.) McCain also has a big edge with Hess Corp. — $91,000 to Obama’s $8,000 — which has gotten some attention. And, overall, McCain’s campaign has gotten three times more money from the industry than Obama’s has — $1.3 million compared to about $394,000.

Comparing Obama’s and McCain’s financial ties to the oil industry, there’s no question that McCain has benefited more from the industry’s contributions, just as his Republican Party has for years and years. But Obama’s edge with the oil producers Americans know best — and might be cursing most these days — makes it harder for him to continue to tar McCain as the industry’s darling. Still, this chart shows vividly how the industry’s support for McCain’s candidacy has surged in the last few months. It’s been pointed out that giving shot up after the presumptive Republican nominee announced his support for offshore drilling, but you’ll see that the trend started months before that.

Oil industry support for John McCain’s candidacy has surged since he announced his support for expanded drilling offshore in June, but he had pulled away from Obama months before that.

FusionCharts.

So, has oil money gushed toward McCain because he recently became a supporter of offshore drilling, or is the industry giving to him now because other Republican candidates, whom the industry preferred, dropped out? Ask your neighborhood oil executive, who may turn out to be an Obama supporter.

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